Boeing will officially bid farewell to its 747 jumbo jet as it makes its final commercial delivery of the aircraft, ending a production run of more than half a century for the double-decker, four-engine, twin-aisle pioneer that entered service in January 1970.
Thousands of current and former employees will converge on Tuesday afternoon at Boeing's factory in Everett, Washington, for a final sendoff celebration in parallel with the delivery of a Boeing 747-8 cargo plane to Atlas Air.
The move comes as US-based Boeing transitions to two-engine jetliners amid airlines’ push for more fuel-efficient planes.
“For more than half a century, tens of thousands of dedicated Boeing employees have designed and built this magnificent airplane that has truly changed the world,” said Kim Smith, Boeing's vice president and general manager for the 747 and 767 programmes.
“We are proud that this plane will continue to fly across the globe for years to come.”
Boeing’s “Queen of the Skies” made its debut more than 50 years ago. Passenger versions had a spiral staircase that led to a luxurious upstairs lounge.
Freighter models featured a hinged nose that flipped open to load everything from cars to oil-drilling gear.
50 years of the Boeing 747 — in pictures
The 747 was the largest commercial aircraft in the world until the Airbus A380 came along in 2007 — when it was commercially launched — and set several records.
It was also the first aircraft to have a flatbed seat, pioneered by British Airways in 1999.
Qantas used the jet to fly the world’s first non-stop commercial flight from London to Sydney in 20 hours and nine minutes.
That 30-year record was only broken in 2019, when Qantas operated a 787 Dreamliner from London to Sydney direct in 19 hours and 19 minutes.
However, the final version of the 747 and Europe’s Airbus A380 superjumbo never caught on commercially as airlines turned to twin-engine aircraft and fuel-efficient planes.
The A380 made its maiden flight in 2005 and won over passengers with its audacious scale — its wingspan is wider than a football pitch.
Ultimately, airlines were turned off by its high operating costs. Airbus killed off the programme in 2019.
United and Delta said goodbye to their 747 fleet years before the Covid-19 pandemic struck while Qantas and British Airways grounded their 747s for good in 2020 during the worldwide travel slump.
Meanwhile, the 747 played a key role in Boeing’s history of aerospace leadership, the aircraft maker said.
Production of the 747 began in 1967 and spanned 54 years, during which a total of 1,574 aircraft were built, Boeing said.
The Everett factory was constructed specifically for the jumbo jet in 1967, CNBC reported.
The Boeing 747 made its first transatlantic passenger flight — from New York to London — in May 1970, carrying 350 passengers, a record at the time.
At 76 metres, the 747-8 is the longest commercial aircraft in service.
At typical cruising speeds, it travels roughly the length of three Fifa football fields, or NFL football fields, per second, Boeing said.
The 747-8 freighter model has a revenue payload of 133.1 tonnes, enough to transport 10,699 solid gold bars or about 19 million ping-pong balls or golf balls, it said.
The 747 still serves as Air Force One and two already-assembled planes are undergoing work to be transformed into the next generation of the US presidential jet, according to CNN.
Those planes won’t be delivered for at least four years due to delays.
Boeing hasn’t built a passenger version of the 747 jet since it delivered the last one to Korean Airlines in 2017, CNN said.
Today, there are only 44 passenger versions of the 747 still in service, according to aviation analytics company Cirium. More than half of those — 25 — are flown by Lufthansa.
But there are still 314 Boeing 747 freighters in use, many of which were initially used as passenger jets before being renovated into cargo planes, according to Cirium.
Boeing delivered the first 747 passenger jets in December 1969 to two airlines that no longer exist — TWA and Pan Am, CNN said.
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Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
The biog
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Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
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1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
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1. Chris Froome (Britain / Team Sky) 73:27:26"
2. Rigoberto Uran (Colombia / Cannondale-Drapac) 27"
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
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Transmission: 8-speed auto
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Ballon d’Or shortlists
Men
Sadio Mane (Senegal/Liverpool), Sergio Aguero (Aregentina/Manchester City), Frenkie de Jong (Netherlans/Barcelona), Hugo Lloris (France/Tottenham), Dusan Tadic (Serbia/Ajax), Kylian Mbappe (France/PSG), Trent Alexander-Arnold (England/Liverpool), Donny van de Beek (Netherlands/Ajax), Pierre-Emerick Aubameyang (Gabon/Arsenal), Marc-Andre ter Stegen (Germany/Barcelona), Cristiano Ronaldo (Portugal/Juventus), Alisson (Brazil/Liverpool), Matthijs de Ligt (Netherlands/Juventus), Karim Benzema (France/Real Madrid), Georginio Wijnaldum (Netherlands/Liverpool), Virgil van Dijk (Netherlands/Liverpool), Bernardo Silva (Portugal/Manchester City), Son Heung-min (South Korea/Tottenham), Robert Lewandowski (Poland/Bayern Munich), Roberto Firmino (Brazil/Liverpool), Lionel Messi (Argentina/Barcelona), Riyad Mahrez (Algeria/Manchester City), Kevin De Bruyne (Belgium/Manchester City), Kalidou Koulibaly (Senegal/Napoli), Antoine Griezmann (France/Barcelona), Mohamed Salah (Egypt/Liverpool), Eden Hazard (BEL/Real Madrid), Marquinhos (Brazil/Paris-SG), Raheem Sterling (Eengland/Manchester City), Joao Félix(Portugal/Atletico Madrid)
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Sam Kerr (Austria/Chelsea), Ellen White (England/Manchester City), Nilla Fischer (Sweden/Linkopings), Amandine Henry (France/Lyon), Lucy Bronze(England/Lyon), Alex Morgan (USA/Orlando Pride), Vivianne Miedema (Netherlands/Arsenal), Dzsenifer Marozsan (Germany/Lyon), Pernille Harder (Denmark/Wolfsburg), Sarah Bouhaddi (France/Lyon), Megan Rapinoe (USA/Reign FC), Lieke Martens (Netherlands/Barcelona), Sari van Veenendal (Netherlands/Atletico Madrid), Wendie Renard (France/Lyon), Rose Lavelle(USA/Washington Spirit), Marta (Brazil/Orlando Pride), Ada Hegerberg (Norway/Lyon), Kosovare Asllani (Sweden/CD Tacon), Sofia Jakobsson (Sweden/CD Tacon), Tobin Heath (USA/Portland Thorns)
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”